Power Plus+ Loan

Get the funding you need PLUS+ more

The Power Plus+ Loan will provide business owners with the money they need to truly grow their business! With a *25% GRANT, The Power Plus+ Loan is your opportunity to leverage your power so you can:

  • Invest in new equipment or technology to improve your operations

  • Expand your product or service offerings to reach a wider audience

  • Hire new employees to support your business growth

How it works...

We provide Power Plus+ Loans with a 25% Grant*, special low-interest rates and flexible application criteria  to under-served and under-represented businesses in the Greater Philadelphia region. Loans are available up to $50,000 and only for a limited time. 

Please review the following, then click Get Pre-Qualifiedto get started.

*Borrower must meet ALL loan forgiveness requirements to qualify for 25% Grant.

Credit

We look at the borrower’s credit report. There is no credit score cut-off and we will generally look at the content of credit reports for proof of recent improvement.

Collateral Details

Collateral is not the primary consideration of the Power Power Plus+ Loan. However, we will attempt to collateralize the loan to the fullest extent possible using the most responsible combination of business, personal, and third-party assets available.

Loan Eligibility Requirements

  • Businesses that generated revenue in or prior to 2019 (Must provide tax returns or transcripts from 2019 and 2020)
  • Businesses located in low-to-moderate income communities
  • Revenue cannot exceed $800,000

Loan Forgiveness Requirements

When 75% of the loan has been repaid and the following conditions are met, the remaining 25% will be forgiven and become a grant. The conditions include:

  • 75% of principal repaid and a minimum of 12 months of repayment history
  • Loan must be current (and any other EWF loans must be in good standing)
  • Borrower must have no more than 3 late payments
  • Borrower must submit financial statements as requested by EWF: quarterly financial statements during year 1, followed by annual financial statements; or as requested by EWF
  • Business must still be open and operating at the time of forgiveness
Regardless of your experience with borrowing, we are here to guide you through the application process. Start by filling out the pre-qualification form. Our Loan Department will review your eligibility and follow up with you as soon as possible. If you are eligible, we will invite you to submit a complete credit application along with providing the requested financial documents.

Free Business Plan Template

Wondering how to write a business plan? Access our free Business Plan Template to guide you through the process of how to make a business plan.
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